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Best Administrative and Accounting Practices

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25May

Best Administrative and Accounting Practices

Methodology

This course covers fundamental theoretical and practical topics, in addition to using Excel for managing accounts payable.

Course Objectives

By the end of the course, participants will be able to:

  • Identify the function of accounts payable and its role in companies.
  • Apply accounting principles related to accounts payable.
  • Describe successful management of accounts payable.
  • Evaluate accounts payable processes and recommend improvements using the latest and best practices.
  • Assess key aspects affecting accounts payable employees to increase their efficiency and productivity.
  • Apply tools and techniques in Microsoft Excel for effective management and monitoring of accounts payable performance.

Target Audience

Managers, accounts payable staff, as well as clerks and specialists looking to enhance their professional careers. This course is beneficial for professionals in the fields of accounting, finance, and procurement who work closely with accounts payable.

Training Program Content

  • The importance of accounts payable’s role.
  • Meaning and concept of accounts payable management. Management functions.
  • The big picture: accounts payable and financial solvency of companies.
  • Accounts payable department functions and employee roles.
  • The impact of accounts payable on working capital and cash management.
  • Fundamentals of accounts payable accounting.
  • Accounts payable terminology.
  • General ledger and subsidiary ledger
  • Preparing month-end closing and accruals.
  • Accounts payable workflows and best practices.
  • Dealing with invoices and guidance.
  • Three-way matching.
  • Payment processing methods.
  • Maintaining the master supplier file.
  • Handling travel and entertainment expenses.
  • Purchase cards.
  • Automated payment options.
  • Key topics in accounts payable management.
  • Operational analysis and benchmarking.
  • Continuous improvement process.
  • Developing performance metrics.
  • Applying best practices in your organization.
  • Identifying appropriate internal control methods.
  • Annual audit as value-added.
  • The impact of outsourcing on accounts payable.
  • Detecting fraud in accounts payable.
  • Disaster recovery planning.
  • The behavioral aspect of managing accounts payable.
  • Improving the image of the accounts payable department.
  • Motivating accounts payable staff.
  • Organizing the work of the accounts payable department.
  • Bridging the communication gap.
  • Managing internal and external conflicts.
  • The importance of internal customer service.
  • Providing customer service to suppliers.
  • Accounts payable as a true business partner.
  • When to pay suppliers.
  • Understanding the cost of money principle.
  • Evaluating early payment discounts.
  • Pros and cons of early and late payment.
  • Relationship with the treasury department.
  • Using Microsoft Excel for accounts payable management.
  • Data exchange between the accounts payable system and Excel.
  • Using Pivot Tables to extract valuable information.
  • Preparing and analyzing accounts payable aging reports.
  • The role of accounts payable in improving business terms with suppliers.

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